The Nicor family is planning to purchase a new home 8 years from now. If they...

Question

Question

Answer 1

Answer #1

Future value 8 years from now is calculated using the FV function as follows:-

=FV(rate,nper,pmt,pv)

=FV(13%,8,,290000)

=770948.82

Where,

rate is rate of interest

nper is number of periods

pv is present value or current amount

Answer 2

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